Buying a New Home/Condo? Don’t Forget to Register Your Name on the House Book!

Just Bought a New Home or Condo? Don’t Forget to Register Your Name in!

Ever wondered why registering your name on the house book (Tabien Baan) matters? For new homeowners or condo buyers, this simple step can significantly impact your taxes and expenses. Let Life Property break it down for you, along with some helpful FAQs.

Registering Your Name VS Not Registering

📌 Scenario: Selling Your Property

• If You Register
  You’ll only pay a 0.5% Stamp Duty on the selling price if you’ve had your name registered for at least one full year.
• If You Don’t Register
  You’ll need to pay 3.3% Specific Business Tax (SBT), calculated based on either the appraised value or market price (whichever is higher).
• Exception
  If you’ve owned the property for more than 5 years (to the exact day), you won’t need to pay SBT, but you’ll still pay the 0.5% Stamp Duty.

📌 Scenario: Annual Tax Obligations

• If You Register
  You’ll be exempted from land and building taxes for homes or condos appraised at less than 50 million THB.
• If You Don’t Register
  You’ll pay 0.02% land and building tax annually.

How to Register Your Name on the Tabien Baan

📝 Required Documents:

1. National ID card
2. Current house book (if moving within the same district)
3. New house book (provided by the developer)
4. Sale agreement (Tor Or. 23)
5. Title deed or copy (if mortgaged, Tor Or. 2 is required)
6. Power of attorney + ID copies of the grantor and grantee (for co-borrowers)

FAQs About Tabien Baan

1. What if I own multiple homes?
You can only have your name in one house book at a time. You may use a relative’s name or leave the house book blank. However, for tax-saving benefits when selling, your name must be on the house book for at least one year.

2. What about jointly owned condos?
If two people are listed on the title deed, both names must appear on the house book to qualify for the SBT exemption.

3. Can I move out after one year and still keep the tax benefits?
Yes! Once your name has been registered for one full year, you can move out, and the SBT exemption remains valid.

4. What if I bought the property under a company name?
Unfortunately, companies are not eligible for SBT exemptions and must pay the full 3.3% tax.

5. What’s the difference between a “household head” and a “homeowner”?

• Household Head: The person listed first in the house book, responsible for managing registrations.
• Homeowner: The individual named in the title deed or sale agreement, who holds the legal ownership rights.

Quick Summary

Registering your name on the house book can save you a significant amount in taxes, especially if you’re planning to sell in the future. While the house book doesn’t prove ownership (the title deed does), it’s a smart move to cut down on unnecessary expenses!

Need more help?
Feel free to contact the Life Property team for free advice!
💬 Fast response via Line: @lifeproperty